Canterbury golf club and retail centre in sale

8:30 AM Tuesday October 6, 2015 Colin Taylor

An aerial view of the Pegasus Golf and Sports Club in Mapleham Drive, Pegasus Bay, Canterbury – north of Christchurch.

The Pegasus Golf and Sports Club in Canterbury’s Pegasus Bay 25 kms north of Christchurch on State Highway One has been put on the market for sale along with a retail centre within Pegasus township.

The sale includes 58,358 sq m of commercial land zoned for business use and 34,111sqm of residential land marked for a retirement village.

John Binning, JLL’s director of capital markets, and commercial sales and investments broker Chris Harding, are marketing the substantial mixed-used development along with joint agents David Goodhue and Bruce Jiao of Barfoot & Thompson North Shore Commercial.

The method of sale is deadline private treaty closing on Tuesday November 3 unless the property sells earlier by negotiation.

Pegasus township is located is 25 minutes’ drive north of Christchurch airport and about a 15 minute drive from nearby Kaiapoi or Rangiora.

“This is an excellent opportunity to invest in a thriving community with well-established infrastructure and excellent amenities,” Binning says.  “By 2018 it is projected that 4500 residents will be living at Pegasus Town and it is expected that retail spending by the surrounding catchment will reach about $150 million a year by 2021.”

Binning says the Pegasus Golf and Sports Club is maintained to an international championship standard and has consistently ranked in top 20 golf courses in New Zealand. The sale of the 79.888 ha 18-hole golf course, held across six titles, includes the main building comprising 597 sq m of space and encompasses the golf shop, bar and café, gymnasium, club rooms, tennis courts, driving range and maintenance shed. A cart shed is included in the sale which can house up to 50 electric carts and can also be used for hosting events.

Various sizes of ‘B’ lots totalling 58,358 sq m of commercial land zoned for business use are also available for purchase in Pegasus Town along the waterfront of Lake Pegasus.

Within the 58,358 sq m of Business zoned land and included within the sale is Lot B1, an architecturally designed retail convenience centre constructed in 2009 on a 2950 sq m corner site on the main street of Pegasus.

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The retail centre for sale within Pegasus township in Pegasus Bay, Canterbury.

The 1417 sq m convenience centre comprises 1029 sq m on the ground floor and 388 sq m on the first floor as well as 41 on site car parks. Retail businesses operating at the centre include a café, general store with an off-licence and post office, pharmacy, ATM and medical centre. Tenancy clauses allow for the termination of leases once sold with the potential to convert to accommodation or other uses. A 600 sq m retail building is under construction on the 2847 sq m site at Lot B9.

Harding says several more individual lots are available as part of the sale process presenting attractive options for greenfield development and the opportunity to add to the amenities needed to cater to the fast growing residential population of Pegasus town.

Also on offer is a 34,111 sq m rectangular site of residential zoned land earmarked for a retirement village or gated lifestyle community. The site is bounded by Hodgkinson Rd, Whakatiou St, Solander Rd and InfinityDrive.

“About 90 standalone units and a community centre can fit on this site,” says Harding.

Features of Pegasus township are a feature lake, beach, natural wetlands, primary school for years one-to-eight, day care centre and a popular multi-sport venue. A second day care centre will open next year at Pegasus Town as well as a purpose built medical centre.

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John Binning, (left) of JLL & Bruce Jiao, (right) of Barfoot & Thompson.